A joint venture between SGX-listed Tuan Sing Holdings and Rich Capital Holdings successfully acquired Peak Court for $118.88 million at the close of the collective sale tender on May 11.
Located at 333 Thomson Road in prime District 11, Peak Court is a 35-year-old development with just 20 units in a four-storey block sittings on a freehold site of 57,378 sq ft. Zoned for residential use, it has a plot ratio of 1.4 under the URA Master Plan 2014 and gross floor area of 80,329 sq ft. The purchase price of $118.88 million reflects a land rate of $1,558 psf per plot ratio (ppr).
The site can be redeveloped into a 106-unit “resort-like” boutique development, according to Edmund Tie & Co, the sole marketing agent for the project.
“The acquisition is in line with Tuan Sing’s focus on offering quality homes in central locations and is a good addition to our land bank,” according to William Liem, CEO of Tuan Sing Holdings. “The site’s strategic location and proximity to lifestyle and premium medical facilities such as Thomson Medical Centre, the future Health City Novena, Novena Square, United Square and the excellent transport connectivity, opens up various exciting redevelopment opportunities.”
Another attraction of Peak Court is its north-south orientation, and the 1km proximity to three sought-after schools such as Anglo-Chinese School (Primary), CHIJ Primary (Toa Payoh) and St Joseph’s Institution Junior, according to Tan Chun Ming, ET&Co’s senior director for investment advisory.
The fact that 100% of the owners at Peak Court gave their consent for the collective sale means the sale need not obtain Strata Title Board approval. and for the developers, it would mean the ability to bring the new project to market more quickly.
The joint venture partners expect the acquisition to be completed in August, with redevelopment for a launch in 2019. Incidentally, Tuan Sing will hold a 70% stake in the joint venture with Rich Capital to hold the remaining 30%.